In Receivership (“Waldron” Or the “Debtor”)

Corporate Finance

August 24, 2015

To: All Known Creditors of Waldron Energy Corporation

Waldron Energy Corporation – In Receivership (“Waldron” or the “Debtor”)

On August 17, 2015, FTI Consulting Canada Inc. was appointed as receiver and manager (the “Receiver”) of all the assets, undertakings and properties of the Debtor pursuant to the Order of the Court of Queen’s Bench of Alberta (the “Receivership Order”). A copy of the Receivership Order and other public materials in respect of the receivership proceedings are available at the Receiver’s website:

http://cfcanada.fticonsulting.com/waldron/

Periodic updates on the progress of the receivership will be posted on the Receiver’s website. The Receiver may be contacted by email at [email protected] or by phone at (403) 454-6035.

Enclosed is a copy of the Receiver’s Notice and Statement provided in accordance with Subsection 245(1) and 246(1) of the Bankruptcy and Insolvency Act.

Yours very truly,

FTI Consulting Canada Inc., in its capacity as receiver of Waldron Energy Corporation and not in its personal capacity

Suite 720, 440 – 2nd Avenue SW | Calgary, AB T2P 5E9 (403) 454-6035 telephone | (403) 232-6116 fax | fticonsulting.com

FORM 87

NOTICE AND STATEMENT OF THE RECEIVER

(Subsection 245(1) and 246(1) of the Bankruptcy and Insolvency Act)

IN THE MATTER OF THE RECEIVERSHIP OF

Waldron Energy Corporation

The Receiver gives notice and declares that:

1. On the 17th day of August, 2015, we, FTI Consulting Canada Inc. became the receiver in respect of the property of the Waldron Energy Corporation, which is described below (in thousands of Canadian dollars).

Accounts receivable $942 Deposits and prepaid expenses $943 Marketable securities $175 Property, plant and equipment $32,025 Exploration and evaluation assets $1,192 Total Assets $35,277

Note: the foregoing are the assets and book value as stated in the financial statements of the Debtor as at June 30, 2015. The Receiver has not audited, reviewed, or otherwise attempted to verify the accuracy of the foregoing. The Receiver provides no comment on the realizable value of the assets.

2. We became a receiver by having taken possession and control of the property described above pursuant to the Order of the Court of Queen’s Bench of Alberta granted August 17, 2015.

3. The undersigned took possession or control of the property described above on the 17th day of August, 2015.

4. The following information relates to the receivership.

a) Address of the insolvent person: Suite 600, 510 – 5th Street SW Calgary, AB T2P 3S2

b) Principal line of business: Western Canadian Oil and gas Exploration and Production

c) Location of business: Calgary based oil and natural gas company with properties in west central Alberta

d) As at August 6, 2015, the total amount owed to each creditor who holds security on the property described above was in excess of:

Secured Lender $7,738,541.66 Secured Subordinated Lender $6,345,546.20

e) The list of other creditors and the amount due is listed in Schedule “A” attached hereto.

f) The intended plan of action of the Receiver during the receivership is to evaluate and execute on the appropriate steps to realize on the assets with a view to maximizing recoveries for all creditors.

g) Contact person for the Receiver:

Rob Kleebaum FTI Consulting Canada Inc. Suite 720, 440 – 2nd Avenue SW Calgary, AB T2P 5E9

Telephone: (403) 454-6035 Email: [email protected]

Dated at the city of Calgary in the province of Alberta, this 24th day of August, 2015.

FTI Consulting Canada Inc. - Receiver

Deryck Helkaa, CIRP Senior Managing Director

Schedule A Waldron Energy Corporation Unsecured Creditor Listing as at August 24, 2015 All amounts in CDN Unsecured Creditor Amount 1035106 ALBERTA LTD 113.67 1249798 ALBERTA LTD 381.77 1279803 ALBERTA LTD. 546.00 1328311 AB INC. 29,440.03 1378760 ALBERTA LTD 26,058.38 1407833 ALBERTA LTD. 3,570.00 2-GOOD OILFIELD SERVICES (2007) LTD 1,396.50 ADVANTAGE OIL & GAS LTD. 7,248.59 AKITA DRILLING LTD. 120,236.88 ALAN MAURICE & CHERYL ANN JEBB 3,539.00 ALBERTA COMPRESSOR VALVE CO. LTD. 5,975.69 ALBERTA ONE-CALL CORPORATION 37.80 ALBERTA PETROLEUM MARKETING COMMISSION 1,601.97 ALBERTA SECURITIES COMMISSION 150.00 ALBERTA TREATING CHEMICALS LTD 1,656.65 ALTA WEST SERVICES LTD 2,598.75 ALTAGAS PROCESSING PARTNERSHIP 12,716.78 ANDERSON ENERGY LTD 31.50 ANDREW WALCOT 943.73 APACHE CANADA LTD 358,022.82 APEX MONARCH INC 9,201.76 APEX OILFIELD SERVICES (2000) INC. 18,545.04 ARC RESOURCES LTD 4,277.63 ARLENE WICHERT 75.77 ARSENIE HAUL INC. 756.00 ARTISAN ENERGY CORPORATION 16,605.49 ATB FINANCIAL 320.00 AUG06 INC 2,870.03 B & D SIMONS TRUCKING 3,972.93 B&B WILSON OILFIELD SERVICE LTD. 336.00 BADGER EARTHMOVING LTD 2,457.00 BARCELONA OPERATING COMPANY 1,991.04 BASHAW OIL LTD 4,499.23 BATTLE LAKE OILFIELD SERVICE LTD 25,668.30 BELLATRIX EXPLORATION LTD 224.00 BERNARD LEONCE & JUNE NORA THUL 3,700.00 BLACKSTONE CONTROLS 630.00 BOB DALE OILFIELD CONSTRUCTION LTD 10,048.52 BONNETT'S ENERGY SERVICES, L.P. 31,710.32 BOSS WIRELINE SERVICES (RED DEER) LTD. 5,700.87 BRAD BLANCHARD 1,400.00 BRAND S RESOURCES 345.90 BRANDETTE WELL SERVICING LTD 31,439.62 BREAK AWAY HOT SHOT LTD 441.00 BRIAN ALEXANDER RUTHERFORD 191.16 BRYAN MILLS IRADESSO 157.50 BUFFALO RESOURCES INC. 1,862.52 C.D. OILFIELD MAINTENANCE SERVICES LTD 18,078.38 CALGARY INTERNATIONAL ENERGY INC 971.46 CALNASH TRUCKING LTD. 10,156.75 CAMROSE COUNTY 94.44 CANOL RESOURCES 241.09 CANSEARCH RESOURCES LTD 10,437.62 CAPITAL PRESSURE LTD 32,657.18 CARON MEASUREMENT & CONTROLS 527.31 CELTIC PRIDE WELDING & FABRICATING LTD 866.25 CGI INFORMATION SYSTEMS AND MANAGEMENT 1,783.30 CHINOOK ENERGY PARTNERSHIP 53.01 CJ-CSM INSPECTION LTD 6,775.13 CLEAN HARBORS CANADA INC 2,845.73 COLLEEN JOYCE LEWIS 3,000.00 Waldron Energy Corporation Unsecured Creditor Listing as at August 24, 2015 All amounts in CDN Unsecured Creditor Amount COMMAND FISHING SERVICES INC. 618.88 COMPLETE RENTAL EQUIPMENT 2011 LTD 825.26 COMPUTERSHARE TRUST COMPANY OF CANADA 1,360.52 CONCREST CORPORATION LTD 5,062.59 CONOCOPHILLIPS CANADA (BRC) LTD. 618.74 CONTACT AUTOMATION INC. 703.50 CORDY PIPELINES INC 13,552.04 CORE LABORATORIES CANADA LTD. 4,075.66 CORROSION TECHNOLOGIES 6,170.85 CORY DWAYNE HANSEN AND TAMARA JESSICA BLASKO HANSE 150.00 COUNTY OF PAINTEARTH NO. 18 35,025.75 CQ ENERGY CANADA RESOURCES PARTNERSHIP 1,621.67 CRITICAL CONTROL ENERGY SERVICES INC. 25,565.40 CTL OILFIELD SERVICES LTD 10,710.00 CULLIGAN WATER TREATMENT 89.89 D.R. HURL & ASSOCIATES LTD 10,437.92 DART COMPRESSOR SERVICES LTD 1,432.73 DAVID DYKES 76.13 DAVID THOMPSON - FINANCIAL AGENT 500.00 DE ATLEY VACUUM SERVICES INC 2,478.00 DELOITTE LLP 5,040.00 DENTONS CANADA LLP 1,141.14 DEVON CANADA 46,655.63 DNOW CANADA ULC 18,884.43 DON PETROLEUM LTD 5,922.00 DONALD SACHS 3,695.91 DONALD W. & DELLA A. JESS 3,400.00 DOUBLE J PRESSURE SERVICES 1,256.85 E W ERICKSON EXPLORATION CORP 187.15 E. ENGLOT CONSULTING LTD 4,519.20 EARTH SIGNAL PROCESSING LTD. 4,755.45 EILEEN KIRK 137.61 ENCANA CORPORATION 761.91 ENCORE CONTROLS LTD. 567.00 ENERGY HOT SHOT INC 866.25 ENERGY NAVIGATOR INC 5,985.00 ENERPLUS CORPORATION 78.03 ENERPLUS PARTNERSHIP 964.00 ENMAX COMMERCIAL SERVICES INC 23,695.58 ENVIROEX OILFIELD RENTALS & SALES LTD 2,380.88 ESSENTIAL WELL SERVICE 29,208.89 ESTATE OF WILLIAM VAN OERLE 357.75 EVELYN BOURNE 304.37 EVERETT S. MAYHOOD 1,862.48 EVERGREEN ENERGY TANK RENTALS LTD 12,797.40 EXXONMOBIL CANADA ENERGY 2,021.88 FARM CREDIT CANADA 32,910.00 FILIPENKO BROS. CONSTRUCTION LTD. 6,213.39 FIRST INSURANCE FUNDING OF CANADA 24,248.43 FLOMAX COMPRESSION LTD 3,142.30 FLYING DOG INC. 18,871.13 FMC TECHNOLOGIES CANADA LTD 45,054.93 FOREMOST BRAHMA LTD 47,490.31 FRED'S TRUCKING & OILFIELD SERVICE LTD 240.00 FREEHOLD ROYALTIES PARTNERSHIP 50.25 FRONTLINE COMPRESSION SERVICES 87,056.65 G.E.T. HYDRAULICS LTD 2,625.00 GANGSTER ENTERPRISES LTD. 12,027.00 GARY BENTEAU 154.72 GEORGE & SON CONTRACTING 367.50 GEORGE ADAMS TRUCKING INC 8,946.00 GILBY'S OILFIELD SERVICES LTD 1,065.75 Waldron Energy Corporation Unsecured Creditor Listing as at August 24, 2015 All amounts in CDN Unsecured Creditor Amount GLENCOE RESOURCES 9,430.21 GLJ PETROLEUM CONSULTANTS LTD 4,208.77 GREAT NORTH EQUIPMENT INC 7,219.75 GREGORY DONALD HOAR & DONNA MAE DAVIES 13,250.00 GREY ERLAND UNGSTAD 2,700.00 GRID LINE LOCATING 9,904.37 HANNA SHEET METAL & INSULATION LTD 4,940.57 HARMONY RESOURCES LTD 1,048.34 HARVEST OPERATIONS CORP 1,247.00 HAYDUK PICKER SERVICE LTD 4,291.88 HAZEL HAYWARD MINERAL TRUST 4,748.04 HI-FLO OILFIELD SERVICES LTD 1,251.60 HMA LAND SERVICES LTD 7,691.47 HOLIFIELD ENERGY CORPORATION 56,624.82 HRML (HORIZON RESOURCE MANAGEMENT LTD) 5,880.00 HULCO CONTROL SPECIALISTS LTD 5,880.64 HYDROCARBON OILFIELD SERVICES LTD. 6,426.00 HYDRODIG CANADA INC 787.50 INLAND COMMUNICATIONS INC 630.00 INTERCON MESSAGING INC 1,968.56 J&L SUPPLY CO. LTD. 761.25 J.F. OILFIELD MAINTENANCE LTD 8,662.50 JAMES JOSEPH HOCKING 76.13 JEANETTE BOMAN 76.20 JERRY JENSEN 14,062.69 JOURNEY ENERGY INC 16,186.67 KANDREA INSULATION 6,389.51 KAREN L. DWYER 532.25 KARG'S OILFIELD SERVICE LTD. 4,089.75 KAY-R-CEE TRANSPORT LTD 31,591.91 KEITH FREDERICK SCHAEFER 3,200.00 KELLY'S TRUCKING LTD 6,008.63 KENNETH COOK 277.30 KEYERA ENERGY LIMITED PARTNERSHIP 60,753.49 KING'S ENERGY SERVICES LTD 7,354.53 KLASSEN'S MECHANICAL OILFIELD 23,286.87 KPMG LLP, T4348 22,050.00 LANCE AND IRENE MCCANN 2,200.00 LANDCORE TECHNOLOGIES INC 6,825.00 LEWCAM HOLDING LTD 19,225.51 LINDSAY MACINNIS 943.77 LLOYD DAVID LEWIS AND KAREN ELAINE LEWIS 500.00 LMR ENERGY MANAGEMENT INC 1,378.13 LO-COST PROPANE 3,658.52 LOGAN COMPLETION SYSTEMS 151,950.57 LOOKOUT ENTERPRISES LTD 129.12 LOR-AL SPRINGS LTD 60.00 LUFKIN INDUSTRIES CANADA LTD. 35,944.30 MAD OILFIELD PARTS LTD 21,429.53 MAINSTREAM ENERGY SERVICES INC 34,914.18 MAJOR PRESSURE SERVICES LTD. 5,074.77 MAPLE LEAF 2013 OIL & GAS INCOME LP 18,383.21 MARGUERITE P COOK 1,109.20 MARJORIE BOEHM 6,250.00 MARK RONALD BOMAN 191.08 MARKETWIRE L.P. 449.40 MARY G. COLLINSON 1,862.48 MAVERICK OILFIELD SERVICES LTD. 3,472.88 MELFORD PENDLETON 137.61 MERLIN DENNIS & COLLEEN DEBRA BUSKAS 140.20 MIDWEST PROPANE 67,290.93 MIDWEST SURVEYS INC 9,647.87 Waldron Energy Corporation Unsecured Creditor Listing as at August 24, 2015 All amounts in CDN Unsecured Creditor Amount MINTA OILFIELD SERVICES LTD 16,938.70 MOUNTAIN WEST SERVICES LTD 46,152.79 MRC CANADA ULC 7,973.75 MUNICIPAL DISTRICT OF GREENVIEW # 16 1,991.29 MYRTLE COX 1,862.51 NABORS DRILLING 8,032.50 NATIONAL BANK MASTERCARD 2,146.92 NAVIGATION COMMUNICATION SOLUTIONS 239.71 NELGAR OILFIELD SERVICES LTD 839.89 NELSON BROS OILFIELD SERVICES (1997) LTD 78,270.72 NEWALTA 110.25 NEXSOURCE POWER INC 15,578.12 NICKOLSON OILFIELD MAINTENANCE & 813.75 NITSCHKE VACUUM TRUCK SERVICE LTD 12,127.50 NORONDO OILFIELD LTD. 3,228.75 OIL COUNTRY SERVICES 2,879.10 ONTARIO SECURITIES COMMISSION 3,862.50 ORICAN ENERGY INC 3,001.02 OTTO KREIL 2,500.00 OUTLAW ELECTRIC 2,780.83 P2 ENERGY SOLUTIONS ALBERTA ULC 6,682.13 PAN WESTERN ENERGY INC 91.39 PAN-ALBERTA GAS LTD 68.18 PANDELL TECHNOLOGY CORPORATION 315.00 PARADISE TRUCKING LTD 7,772.63 PARAMOUNT RESOURCES LTD. 2,891.68 PARIS ENERGY INC. 179.20 PARKLAND COVERALL CLEANING LTD 106.06 PASON SYSTEMS CORP. 2,639.45 PAUL FIRST NATION 2,700.85 PCS FERGUSON CANADA 10,774.56 PEARL PETROLEUM CORP 107.75 PEMBINA TUBING INSPECTION 1,711.50 PENGROWTH CORPORATION 28,918.45 PENN WEST PETROLEUM 89,136.79 PENN WEST PETROLEUM LTD 188,340.84 PETROVERA RESOURCES LIMITED 156.94 PETRUS RESOURCES LTD. 1,470.59 PITNEY BOWES 94.18 PITNEYWORKS 1,046.98 PONOKA COUNTY 440,768.94 PRAIRIESKY ROYALTY LTD 27,967.12 PRECISION DIRECTIONAL SERVICES LTD 32,039.28 PRECISION GEOMATICS INC. 777.00 PREMIER INTEGRATED TECHNOLOGIES 3,927.27 PRESSURE SERVICES INC 54,064.66 PRO TORQUE CONNECTION TECHNOLOGIES LTD 2,782.50 PROGRESSIVE WASTE SOLUTIONS CANADA INC. 160.41 PURECHEM SERVICES 73,349.99 PUROLATOR COURIER LTD. 191.71 PYRAMID CORPORATION 31,244.22 QUASCHNICK VEGETATION MANAGEMENT INC 2,268.00 QUINN PUMPS 22,094.20 RAPID ROD SERVICE LTD 19,567.78 RAYMOND ALBERT HEMEYER MINERAL TRUST 1,039.69 RBW WASTE MANAGEMENT LTD 2,483.25 RED DEER COUNTY 2,713.65 REGENT RESOURCES LTD 1,792.40 RFS CANADA 2,126.50 RICHDALE RESOURCES LTD 2,548.59 RIED & HEIDI ZITTLAU 76.93 RIG CHASER WELDING 1,680.00 Waldron Energy Corporation Unsecured Creditor Listing as at August 24, 2015 All amounts in CDN Unsecured Creditor Amount RINDAL OILFIELD CONSTRUCTION LTD. 1,407.00 ROAD TRAIN OILFIELD TRANSPORT LTD 1,084.13 ROBERT A. KIRVAN 1,887.53 ROCKY MOUNTAIN VALVE SERVICES LTD. 430.44 RONALD J. MORRISROE 4,200.00 ROSS AGRI 20,375.95 ROTATING RIGHT INC 5,531.40 RTS SERVICES INC. 1,890.00 RYAN ULC 71,009.88 S+S STEAM 756.00 SA SYSTEMS 8,400.00 SANJEL CORPORATION 7,051.31 SCHLUMBERGER CANADA LIMITED 14,170.19 SCOLLARD ENERGY INC 4,493.19 SECURE ENERGY (DRILLING SERVICES) INC 12,500.91 SECURE ENERGY SERVICES 10,906.35 SHADOW ENERGY INC 735.00 SHAW CABLE 89.20 SHELL CANADA ENERGY 1,232.00 SHORT CREEK INVESTMENTS LTD. 0.60 SHRED-IT INTERNATIONAL ULC 93.11 SILVER HILLS WIRELINE LTD. 1,507.80 SILVERADO LAND CONSULTANTS INC 21,090.77 SILVERMAN OILFIELD SERVICES 10,318.89 SMACK SAFETY SERVICES LTD 336.00 SPENCER SUPERVISION 8,400.00 STARWEST TRUCKING LTD. 70,195.65 STELLA MILDRED BANKS 545.19 STILLMAN LLP 8,424.18 SWAB MASTER LTD 26,810.72 TAMARACK ACQUISITION CORP. 845.02 TARVOS SYSTEMS INC. 309.75 TAY RIVER OILFIELD SERVICES LTD 10,232.25 TAYLOR HILL ROYALTIES LTD. 832.93 TECHMATION ELECTRIC & CONTROLS LTD 5,970.98 TELUS COMMUNICATIONS INC. 1,671.46 TELUS MOBILITY 1,383.20 TERROCO OILFIELD SERVICES 71,080.02 TERVITA CORPORATION 1,451.62 THE ELITE FLEET COURIER 34.22 TIMBERROCK ENERGY CORPORATION 439.00 TI-RO ENERGY INC 4,536.53 TOSCANA L.P. 234,494.63 TOTAL GAS DETECTION LTD. 819.00 TRENDON BIT SERVICE LTD 7,350.00 TRILOGY ENERGY LP 282.28 TRIPLE A STEAM 2011 3,018.76 TRIPLE T OILFIELD SERVICES 2,625.00 T-ROY HOLDINGS LTD. 5,662.46 TRYTON TOOL SERVICES 7,555.63 TY-CO INDUSTRIES LTD 10,300.50 VALENCE CONTROLS LTD 1,107.23 VALIANT TRUST COMPANY 1,881.48 VAN HOUTTE COFFEE SERVICES INC 251.98 VENTURION OIL LIMITED 551.26 VERNA B & ROY HUBBARD 202.91 VICTORY OILFIELD SERVICES INC. 1,126.12 VIKING WIRELINE SERVICES 22,740.39 W.E. (TED) HEAVER 1,887.50 WEATHERFORD CANADA PARTNERSHIP 6,616.00 WEST PEMBINA PUMP & EQUIPMENT LTD 34,898.29 WESTERN CANADIAN SPILL SERVICES LTD 3,349.50 Waldron Energy Corporation Unsecured Creditor Listing as at August 24, 2015 All amounts in CDN Unsecured Creditor Amount WHEATLAND RESOURCES LTD 62.87 WHITE FOX COIL TUBING LTD. 7,875.00 WILLCO STEAM & VACUUM SERVICE 1,575.00 WILLIAM DAVID RUTHERFORD 54.66 WILLOWS CONSTRUCTION (2001) LTD. AB 4,809.00 WORKERS COMPENSATION BOARD 2,105.97 XACT PRESSURE SERVICES 8,204.72 XI TECHNOLOGIES INC. 640.50 ZEDI CANADA INC. 2,963.54 ZENITH CONTROLS 1,165.12 Total - Unsecured Creditors 4,254,862.44